Gurugram-based online travel firm MakeMyTrip has raised INR 73.5 Cr in two tranches from Mauritius-based entity — MakeMyTrip Limited. The development comes amid the current coronavirus outbreak, where the travel and hospitality are the worst affected sectors.
According to the ministry of corporate affairs (MCA) filings accessed by, MMT has raised INR 37 Cr on March 16 while the parent company infused INR 36.5 Cr on March 9. As part of the transaction, MakeMyTrip issued 21,81,461 shares to the company at INR 340 per share with a nominal price of INR 10.
MakeMyTrip turned 20 in the first week of April. Unfortunately, its big anniversary comes at a time when the travel industry is badly hit due to the coronavirus pandemic. Flights across the world are suspended, hotels are being turned into quarantine centers, and travel is a far off thought in people’s minds.
Recently the company announced that its top executives Deep Kalra and Rajesh Magow have decided to draw “zero salaries” from April 2020, while the rest of its leadership team will take 50 percent cut in their compensation in fighting coronavirus.
Founded in 2000 by Deep Kalra, MakeMyTrip is one of the leading online travel aggregators in India for air ticketing, hotel, and alternative accommodation bookings, as well as holiday packages, rail ticketing, bus ticketing, car hire, and business travel requirements.
